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2020 (2) TMI 577 - HC - Income TaxDisallowance u/s 36(1)(iii) - assessee could not prove nexus of interest of interest free loans given to others with interest free fund - addition of proportionate interest on the ground that respondent assessee did not charge interest on the loans advanced and investment made in the group companies - HELD THAT:- Findings of fact arrived at by CIT(Appeals) and the Tribunal wherein the Assessing Officer is directed to recompute the proportionate disallowance by taking total interest expenditure is without any ambiguity and as such there is no infirmity in the order passed by the First Appellate Authority as well as the Tribunal in view of the concurrent findings of fact. The order of the Tribunal so far as this issue is concerned, does not require any interference. Accordingly the appeal stands dismissed qua question no. 2(A) is concerned. Appeal admitted on Question 2(B), 2(C) and 2(D) : [B] Whether the Appellate Tribunal has erred in law and on facts by upholding the decision of the CIT(A) deleting the disallowance of ₹ 42,90,471/- made by the Assessing Officer under Section 14A r.w. Rule 8D? [C] Whether the Appellate Tribunal has erred in law and on facts by upholding the decision of the CIT(A) deleting the disallowance of depreciation of ₹ 5,00,000/- on the assets not put to use in the year under consideration in respect of non-operative multi metal project at Ambaji? [D] Whether the Appellate Tribunal has erred in law and on facts by upholding the decision of the CIT(A) deleting the disallowance of ₹ 31,15,94,168/- claimed under Section 80IA of the Act?”
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